Indigo Paints is one of the largest paint manufacturers in India. The company began operations in the lower-end cement paints segment in 2000. It has expanded into a vast category of paints and related products like emulsions, distempers and primers.
The company started operations in Pune, Maharashtra, before expanding to several states across India. The company, founded in 2000, started out with manufacturing of cement paints. Indigo Paints later entered the new segments like water-based paints like exterior emulsions, interior emulsions and distempers, primers.
A few years ago, it clubbed all its subsidiary brands and product lines under one umbrella. By the end of 2020, the company decided to go public. It got converted to Indigo Paints Limited from Indigo Paints Private Limited.
In January 2021, Indigo Paints launched its IPO. As of January 11, 2024, Indigo Paints’ market capitalisation stood at over ₹7,000 crore. Indigo Paints share price has gained over 15% in the last one year.
Business operations
The company has grown exponentially to become one of the country's largest paint manufacturers and distributors. Right from the beginning, it started targeting business operations nationwide.
Indigo Paints has three large-scale manufacturing units in Jodhpur in Rajasthan, Kochi in Kerala and Pudukkottai in Tamil Nadu, producing over 1,00,000 kilolitres of end product annually. Its products are available across 28 states. The key differentiator for Indigo Paints’ products has been their unique approach to the market and innovative ideas like the first metallic paint for the walls.
The company offers its products in different categories including interior emulsions, exterior emulsions, exterior and interior emulsions, waterproofing solutions, enamels, putties and wood coating for both domestic and industrial use. Indigo Paints also manufactures aluminium paint, universal stainer, stone and tile paints and roof paint.
The company has a vast network of over 16,000 active dealers and 8,273 tinting machines in India. The combined capacity utilisation of three of their plants is about 48%, leaving them room to acquire an even larger customer base. Close to 46% of the sales for Indigo Paints come from the South Indian states. Indigo Paints in April 2023 acquired a 51% stake in Apple Chemie to expand its operations into the construction chemicals and waterproofing solutions market.
Indigo Paints Financial Highlights
- Revenue: Indigo Paints reported revenue of ₹1,417.98 crore in FY26 vs ₹1,359.17 crore in FY25. It showed an increase of 4.33% on a yearly basis.
- Operating Profit: Indigo Paints reported an operating profit of ₹198.46 crore in FY26 vs ₹189.95 crore in FY25. It showed an increase of 4.48% on a year-on-year basis.
- Net Profit: Indigo Paints reported a net profit of ₹147.61 crore in FY26 vs ₹142.16 crore in FY25. It showed an increase of 3.83% on a yearly basis.
Indigo Paints Quarterly Result Highlights
- Indigo Paints reported revenue of ₹425.60 crore in Mar 2026, compared with ₹362.51 crore in Dec 2025, representing an increase of 17.40% on a quarter-on-quarter (QoQ) basis.
- Indigo Paints reported an operating profit of ₹79.60 crore in Mar 2026, compared with ₹50.34 crore in Dec 2025, representing an increase of 58.12% on a quarter-on-quarter (QoQ) basis.
- Indigo Paints reported a profit of ₹59.16 crore in Mar 2026, compared with ₹37.14 crore in Dec 2025, reflecting an increase of 59.29% on a QoQ basis.
- The earnings per share (EPS) of Indigo Paints stood at ₹29.76 during Mar 2026.
